söndag 19 april 2015

Kommentarer om mitt största innehav, Trevali Mining

Peter Campbell, Mackie Research Capital (4/16/15)
"Trevali Mining Corp. has released drill results today for a 50.9m intersection grading 5.08% Zn, 1.76% Pb, 0.37% Cu, 59.66 g/t Ag and 1.63 g/t Au at its Caribou mine. . .this is a significant intersection that lies approximately 200m outside of the currently defined Measured and Indicated resource and was intersected at a vertical depth of approximately 550m depth. . .while this is only one hole, this appears to be very positive news that could lead to a significant resource expansion at Caribou."

Derek Macpherson, M Partners (4/15/15)
"Trevali Mining Corp. reported Q1/15 production results that were modestly ahead of our estimates, suggesting to us that operations have reached steady state. . .overall, we view the quarter positively as it should provide investors additional confidence in the company's ability to bring Caribou into production. . .we believe that the better-than-expected recoveries seen in Q1/15 are likely to persist."

Mark Turner, Scotia Capital (4/14/15)
"Q1/15 payable zinc production of 12.5 Mlb from Trevali Mining Corp.'s Santander was 3% greater than our estimate, lead of 7.4 Mlb was 27% greater, and silver of 254.8 Koz was 10% greater. . .owing to better-than-expected recovery rates for all three metals, which achieved all-time highs and remain above design, as well as higher lead and silver grades than we had assumed. . .focus for the stock and company remains on the Caribou mine and mill re-start, which is on schedule for a mid-Q2/15 start to commissioning. We continue to model first concentrate production in late Q2/15 with commercial production declared at the start of 2016."

Stefan Ioannou, Haywood Securities (4/14/15)
"Trevali Mining Corp.'s production continues to progress well at the company's 100%-owned Santander zinc-lead-silver mine in Peru. . .Caribou mill commissioning start-up remains scheduled for Q2/15, which we anticipate will be followed by ramp-up to full-scale production (3,000 tpd) by year-end 2015. . .timely execution at Santander and Bathurst will be key to maintaining market confidence. . .that said, with zinc production from two mines expected to ramp up to approximately 190 Mlb per annum by 2017, we believe Trevali is poised to become a (the) marquee mid-tier zinc producer in a market facing a significant medium-term supply issue."

Joseph Gallucci, Dundee Capital Markets (4/14/15)
"Trevali Mining Corp. announced production results from Santander in Q1/15. . .beating our estimates for payable zinc (12.5 Mlb vs. our 12.3 Mlb), lead (7.4 Mlb vs. our 6.2 Mlb) and silver (255 Koz vs. our 237 Koz). . .Santander's solid performance provides a great foundation to focus on Caribou, the company's next mine. We believe Trevali's stock is the best vehicle for zinc leverage on the Toronto Stock Exchange. . .we have a Buy, Top Pick rating with a CA$2.00 target on the stock."

Alex Terentiew, Raymond James (4/14/15)
"Trevali Mining Corp. reported solid production results from its Santander mine in Peru, with mill performance improvements continuing into 2015. While the company's next leg of growth at Caribou is only months away from being realized, bringing with it production diversification and for the first time putting Trevali in a positive free cash flow generating position, Santander's continued improvement has given the company a firm foundation. . .Trevali remains one of our top picks among our covered base-metal producers, and we reiterate our Outperform rating. We raised our target price to CA$1.60 (from CA$1.50) on slightly higher cash flow expectations for 2015."





Ian Parkinson, GMP Securities (4/14/15)
"Trevali Mining Corp. released Q1/15 production results that beat our estimates across all metals. . .approximately 12.5 Mlb payable zinc, 7.4 Mlb payable lead and 254,800 oz payable silver. . .average mill throughput was approximately 2,060 tpd, which is above the design rate of 2,000 tpd. Similarly, recoveries of 90% for zinc, 90% for lead and 80% for silver were also above design capacity. The company plans to continue focusing on site optimization and business efficiencies through 2015. . .at the Caribou mine, commissioning remains on track for Q2/15. . .Trevali remains on track to meet 2015 production guidance."

Jeff Woolley, Paradigm Capital (4/7/15)
"Trevali Mining Corp. reported 2014 revenue of $94M. . .the Santander mine continued to post solid operating results in Q4/14, bringing full-year production to 92 Mlb Zn eq at a C1 cash cost of $0.69/lb, exceeding management's original guidance by 25% and revised guidance and our forecast by 2–3%. . .the company remains the best independent zinc growth story."

Peter Campbell, Mackie Research Capital (4/2/15)
"Trevali Mining Corp.'s Caribou mine restart program remains on schedule for start-up during Q2/15. . .this will be followed up with a revised economic study (e.g., either a PEA or a prefeasibility study) on Halfmile-Stratmat, which will examine the economic viability of building a stand-alone mill to serve both operations. . .we are maintaining our Buy recommendation on the company."

Derek Macpherson, M Partners (4/2/15)
"On the conference call, Trevali Mining Corp. indicated the current cash balance was close to $20M (excluding proceeds from the recent flow-through financing) and there remained $10M in capital to spend at Caribou for the restart. . .this puts the balance sheet in better shape than we had previously modeled, and we now model an Q1/15E cash balance of $22.6M (was $16.6M). The primary driver of the stronger-than-expected balance sheet is Caribou's restart capex tracking 5–10% below budget."

Alex Terentiew, Raymond James (4/1/15)
"Trevali Mining Corp. continues to make good progress advancing its Caribou mine toward first production, which we expect will occur in May. With a startup of its second mine, the company will for the first time begin generating positive free cash flow. . .the extra cash flow will further derisk Trevali's balance sheet and put it in a good position to evaluate development of Halfmile/Stratmat, where a PEA is expected to be completed by year-end and a new resource estimate mid-year."

Mark Turner, Scotia Capital (4/1/15)
"Trevali Mining Corp. reported Q4/14 financial results Tuesday after market close. . .Santander's site operating cash costs of $0.37/lb payable zinc-equivalent production were an 8% quarter-over-quarter improvement driven by similar improvements on a per tonne milled basis. In Q4/14 an average site cost of $43.10/t milled was achieved, well below the 2014 average of $47.33/t. . .the Caribou mine and mill restart remains on schedule for a Q2/15 commissioning."

Joseph Gallucci, Dundee Capital Markets (4/1/15)
"Trevali Mining Corp. announced Q4/14 earnings last night after market close. . .we view its Q4/14 results as in-line and believe it is a solid first year of financial performance. We believe the company's stock is the best vehicle for zinc leverage on the Toronto Stock Exchange. With the continued operational excellence at Santander and Caribou on track for commissioning in Q2/15, Trevali should have two operating zinc mines online by the time positive zinc supply and demand fundamentals take hold. . .around the second half of 2015. . .we are reiterating our Buy, Top Pick rating, and CA$2.00 target on the stock."

Derek Macpherson, M Partners (3/31/15)
"Trevali Mining Corp. provided a comprehensive update on the restart progress at Caribou that suggests to us that commissioning is on track for Q2/15. . .in-line with our estimate for 45 days of mill commissioning in Q2/15. . .mining operations appear to be on track to support commissioning in Q2/15 and the subsequent ramp-up of operations. . .construction progress at Caribou and execution at Santander should support the stock. . .we believe that as Trevali ramps up production it should trade at a premium to base metal peers because of its unique leverage to a favorable macro environment for zinc."

Joseph Gallucci, Dundee Capital Markets (3/31/15)
"Trevali Mining Corp. provided an update on its Caribou zinc mine in New Brunswick. Surface and underground development programs have advanced significantly during Q1/15. . .and the mine remains on track for commissioning in Q2/15. . .the company is the best vehicle for zinc leverage on the Toronto Stock Exchange. With Santander performing very well and Caribou on track for Q2/15 commissioning. . .Trevali should have two operating zinc mines online by the time positive zinc supply and demand fundamentals take hold. . .around the second half of 2015. . .we are reiterating our Buy and Top Pick rating on the stock."

Stefan Ioannou, Haywood Securities (3/31/15)
"Trevali Mining Corp. recently announced the startup of underground mine production at its 100%-owned Caribou zinc-lead-copper-silver-gold project in New Brunswick. Mill commissioning startup remains scheduled for Q2/15, which we anticipate will be followed by ramp-up to full-scale production (3 Ktpd) by 2015E."

Peter Campbell, Mackie Research Capital (3/31/15)
"Yesterday, Trevali Mining Corp. reported that commissioning activities consisting of underground and surface work at its wholly owned Caribou mine, located in the Bathurst mining camp of New Brunswick, are well under way and remain on track for commissioning during Q2/15. . .the release is in line with the company's guidance and our expectations for the project. We continue to recommend Trevali with a Buy recommendation and a 12-month target price of $1.75/share."
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